Theratechnologies Responds to Future Pak’s Press Release and Announces Exclusive Discussions with Another Potential Acquiror for the Sale of the Company
Theratechnologies (NASDAQ: THTX) has responded to Future Pak's acquisition proposals and disclosed exclusive discussions with another potential acquiror. The company received two unsolicited non-binding proposals from Future Pak: first in August 2024 with a US$100 million closing cash consideration, which was rejected, and second in January 2025, which couldn't be entertained due to existing exclusivity agreements.
The company is currently in negotiations with a different Potential Acquiror who has completed extensive due diligence. If a definitive agreement is reached, it will include a 'go shop' provision allowing Theratechnologies to engage with other potential acquirors, including Future Pak, for a period.
A special committee of independent directors, supported by Barclays Capital as financial advisor and Fasken Martineau DuMoulin as legal advisor, has been formed to review the proposals.
Theratechnologies (NASDAQ: THTX) ha risposto alle proposte di acquisizione di Future Pak e ha rivelato di essere in discussioni esclusive con un altro potenziale acquirente. L'azienda ha ricevuto due proposte non vincolanti e non richieste da Future Pak: la prima nell'agosto 2024 con un corrispettivo in contante di chiusura di 100 milioni di dollari USA, che è stata rifiutata, e la seconda nel gennaio 2025, che non è stata presa in considerazione a causa di accordi di esclusività esistenti.
L'azienda è attualmente in trattative con un diverso Potenziale Acquirente che ha completato un'ampia due diligence. Se viene raggiunto un accordo definitivo, includerà una clausola di 'go shop' che consentirà a Theratechnologies di interagire con altri potenziali acquirenti, incluso Future Pak, per un periodo.
È stato costituito un comitato speciale di amministratori indipendenti, supportato da Barclays Capital in qualità di consulente finanziario e Fasken Martineau DuMoulin come consulente legale, per esaminare le proposte.
Theratechnologies (NASDAQ: THTX) ha respondido a las propuestas de adquisición de Future Pak y ha revelado que está en discusiones exclusivas con otro posible comprador. La compañía recibió dos propuestas no solicitadas y no vinculantes de Future Pak: la primera en agosto de 2024 con una consideración en efectivo de cierre de 100 millones de dólares estadounidenses, que fue rechazada, y la segunda en enero de 2025, que no pudo ser considerada debido a acuerdos de exclusividad existentes.
La empresa se encuentra actualmente en negociaciones con un diferente Potencial Comprador que ha completado una extensa debida diligencia. Si se llega a un acuerdo definitivo, incluirá una cláusula de 'go shop' que permitirá a Theratechnologies interactuar con otros posibles compradores, incluido Future Pak, durante un período.
Se ha formado un comité especial de directores independientes, apoyado por Barclays Capital como asesor financiero y Fasken Martineau DuMoulin como asesor legal, para revisar las propuestas.
Theratechnologies (NASDAQ: THTX)는 Future Pak의 인수 제안에 응답하고 다른 잠재적 인수자와의 독점 논의를 공개했습니다. 회사는 Future Pak으로부터 두 건의 비구속적 비공식 제안을 받았습니다: 첫 번째는 2024년 8월에 1억 달러의 현금 마감 고려 사항과 함께 제출되었으나 거부되었고, 두 번째는 2025년 1월에 제출되었으나 기존의 독점 계약으로 인해 검토되지 못했습니다.
회사는 현재 광범위한 실사를 완료한 다른 잠재적 인수자와 협상 중입니다. 만약 최종 계약이 체결된다면, Theratechnologies가 Future Pak을 포함한 다른 잠재적 인수자와 일정 기간 동안 협상할 수 있도록 하는 '고샵(go shop)' 조항이 포함될 것입니다.
제안서를 검토하기 위해 Barclays Capital을 재무 자문사로, Fasken Martineau DuMoulin을 법률 자문사로 지원받는 독립 이사들로 구성된 특별 위원회가 구성되었습니다.
Theratechnologies (NASDAQ: THTX) a répondu aux propositions d'acquisition de Future Pak et a révélé être en discussions exclusives avec un autre acquéreur potentiel. La société a reçu deux propositions non sollicitées et non contraignantes de Future Pak : la première en août 2024 avec une considération en espèces de clôture de 100 millions de dollars américains, qui a été rejetée, et la deuxième en janvier 2025, qui n'a pas pu être examinée en raison d'accords d'exclusivité existants.
La société est actuellement en négociations avec un autre Acquéreur Potentiel qui a complété une due diligence approfondie. Si un accord définitif est conclu, il comprendra une clause de 'go shop' permettant à Theratechnologies d'interagir avec d'autres acquéreurs potentiels, y compris Future Pak, pendant une période déterminée.
Un comité spécial de directeurs indépendants, soutenu par Barclays Capital en tant que conseiller financier et Fasken Martineau DuMoulin en tant que conseiller juridique, a été formé pour examiner les propositions.
Theratechnologies (NASDAQ: THTX) hat auf die Übernahmeangebote von Future Pak reagiert und exklusive Gespräche mit einem anderen potenziellen Käufer bekannt gegeben. Das Unternehmen erhielt zwei unverbindliche, unaufgeforderte Angebote von Future Pak: das erste im August 2024 mit einer Barzahlung von 100 Millionen US-Dollar, das abgelehnt wurde, und das zweite im Januar 2025, das aufgrund bestehender Exklusivitätsvereinbarungen nicht berücksichtigt werden konnte.
Das Unternehmen befindet sich derzeit in Verhandlungen mit einem anderen potenziellen Käufer, der eine umfassende Due Diligence durchgeführt hat. Sollte eine endgültige Vereinbarung erzielt werden, wird diese eine 'Go-Shop'-Klausel enthalten, die es Theratechnologies ermöglicht, mit anderen potenziellen Käufern, einschließlich Future Pak, für einen bestimmten Zeitraum in Kontakt zu treten.
Ein spezieller Ausschuss unabhängiger Direktoren, unterstützt von Barclays Capital als Finanzberater und Fasken Martineau DuMoulin als Rechtsberater, wurde eingerichtet, um die Angebote zu überprüfen.
- Multiple acquisition offers indicate strong market interest in the company
- Potential acquiror has completed extensive due diligence, suggesting serious interest
- Special committee formed with professional advisors ensures shareholder interests are protected
- Initial US$100M cash offer deemed unattractive by the board
- No definitive agreement reached yet with any potential acquiror
- Multiple failed negotiation attempts with Future Pak due to timing and exclusivity issues
Insights
Theratechnologies finds itself in the enviable position of having multiple acquisition suitors, signaling significant hidden value that the market hasn't recognized. The revelation that Future Pak's US$100 million offer was rejected as unattractive is particularly telling when compared to the company's current
The company's exclusive negotiations with another acquiror who has completed extensive due diligence suggests a more serious and potentially more valuable transaction is progressing. The planned "go shop" provision indicates the board is acting to maximize shareholder value by creating a competitive bidding environment after securing a baseline offer.
From a process standpoint, the formation of an independent special committee with Barclays Capital as financial advisor demonstrates proper governance and suggests the board is executing a structured M&A process designed to drive competitive tension. The rejected
This news fundamentally changes the investment thesis for Theratechnologies from a standalone commercial-stage biopharmaceutical company to a likely acquisition target with a price discovery process underway that already indicates value significantly above current trading levels.
The board's response to multiple unsolicited acquisition proposals demonstrates textbook corporate governance procedures during a potential change of control situation. By establishing a special committee comprised exclusively of independent directors, Theratechnologies has created appropriate separation between management and the evaluation process, which helps mitigate potential conflicts of interest.
The engagement of premier advisors – Barclays Capital for financial guidance and Fasken Martineau DuMoulin for legal counsel – indicates the board is taking its fiduciary duties seriously and obtaining expert input to inform its decisions. The rejection of Future Pak's initial offer suggests the committee is actively benchmarking proposals against their assessment of intrinsic value rather than simply accepting the first bid.
The planned "go shop" provision represents sophisticated deal structuring that balances the need to secure a transaction while maintaining competitive tension. This mechanism allows the company to lock in a floor price while retaining the ability to solicit superior proposals – a strategy that typically enhances shareholder outcomes.
The board's disciplined approach to confidentiality, disclosure timing, and management of the exclusivity period demonstrates sophisticated M&A process management. By requiring standard NDAs with standstill provisions before engaging with potential acquirors, the board is maintaining control over the process while creating an environment that encourages serious offers.
MONTREAL, April 11, 2025 (GLOBE NEWSWIRE) -- Theratechnologies Inc. (“Theratechnologies” or the “Company”) (TSX: TH) (NASDAQ: THTX), a commercial-stage biopharmaceutical company, wishes to address its shareholders in response to a press release issued today by Future Pak, LLC (“Future Pak”) regarding its proposals to acquire the Company.
The Company believes its shareholders should be aware of the following:
- In August 2024, the Company received a first unsolicited non-binding proposal from Future Pak to acquire the Company. The proposed closing cash consideration of US
$100 million was not attractive to the board of directors of the Company (the “Board”) and the proposal was rejected by the Company. - The Company received a second unsolicited non-binding proposal from Future Pak in January 2025, which could not be entertained as the Company was under exclusivity with another potential acquiror (the “Potential Acquiror”).
- The Company did not immediately renew its initial exclusivity period with the Potential Acquiror upon its expiry, in an attempt to enter into a customary non-disclosure agreement with Future Pak containing a typical standstill undertaking in order to discuss with Future Pak under normal rules of engagement. Future Pak’s initial position was that it would not sign such an agreement unless they were provided exclusivity. When Future Pak was finally prepared to sign a non-disclosure agreement, the Company had already renewed exclusivity with the Potential Acquiror. At this time, Future Pak was informed that it would have a future opportunity to engage with the Company.
- The Future Pak non-binding proposals have been made without Future Pak having completed any due diligence on the Company other than publicly available information.
The Potential Acquiror has performed extensive due diligence on the Company and the parties are negotiating a definitive agreement relating to a potential acquisition of all outstanding shares of the Company. Based on the Company’s discussions to date with the Potential Acquiror, in the event a definitive agreement is entered into with the Potential Acquiror, it will contain a “go shop” provision allowing the Company, for a limited period following signature, to engage with other potential acquirors, including Future Pak.
The Board has formed a special committee comprised solely of independent directors to review the proposals and determine the course of action that is in the best interests of the Company and its stakeholders. The special committee is assisted by Barclays Capital Inc. as financial advisor and Fasken Martineau DuMoulin LLP as external legal advisor.
There is no assurance that a definitive agreement will be reached in relation to any proposal. The Company does not intend to provide further updates or comments with respect to the foregoing, other than as required pursuant to applicable securities laws, to allow the special committee to diligently pursue its mandate and not adversely affect discussions with the Potential Acquiror.
About Theratechnologies
Theratechnologies (TSX: TH) (NASDAQ: THTX) is a specialty biopharmaceutical company focused on the commercialization of innovative therapies that have the potential to redefine standards of care. Further information about Theratechnologies is available on the Company's website at www.theratech.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Follow Theratechnologies on LinkedIn and X.
Forward-Looking Information
This press release contains forward-looking statements and forward-looking information (collectively, “Forward-Looking Statements”), within the meaning of applicable securities laws, that are based on our management’s beliefs and assumptions and on information currently available to our management. You can identify Forward-Looking Statements by terms such as “may”, “will”, “should”, “could”, “promising”, “would”, “outlook”, “believe”, “plan”, “envisage”, “anticipate”, “expect” and “estimate”, or the negatives of these terms, or variations of them. The Forward-Looking Statements contained in this press release include, but are not limited to, the unsolicited proposals received by the Company from Future Pak for the acquisition of the Company; the outcome of discussions with the Potential Acquiror and the signature of a definitive agreement in relation thereto, including its terms and conditions; the review and evaluation by the special committee of proposals received by the Company from potential acquirors; the process relating to such review and any potential outcomes thereof; and other statements that are not historical facts. Although the Forward-Looking Statements contained in this press release are based upon what the Company believes are reasonable assumptions in light of the information currently available, investors are cautioned against placing undue reliance on this information since actual results may vary from the Forward-Looking Statements. Forward-Looking Statements assumptions are subject to a number of risks and uncertainties, many of which are beyond Theratechnologies’ control, that could cause actual results to differ materially from those that are disclosed in or implied by such Forward-Looking Statements. These risks and uncertainties include, but are not limited to: the possibility that the Company, its Board, its special committee and a potential acquiror cannot come to an agreement on the terms and conditions of such potential acquiror’s proposal or will not proceed with giving shareholders an opportunity to accept or vote in favour of such proposal; the possibility that the terms and conditions of any definitive agreement in respect of a potential acquiror’s proposal will differ from those that are currently contemplated; if a definitive agreement is reached, the failure to obtain or satisfy, in a timely manner or otherwise, required shareholder, court and regulatory approvals and other conditions of closing necessary to complete the transaction; the possibility that the special committee’s review does not result in a transaction; credit, market, currency, operational, commodity, geopolitical, liquidity and funding risks generally, including changes in economic conditions, interest rates or tax rates; the possibility of adverse reactions or changes in business relationships resulting from the announcement or completion of a transaction; other risks inherent to the Company’s business and/or factors beyond its control which could have a material adverse effect on the Company or its ability to consummate a transaction to effect a potential acquiror’s proposal. The Company refers current and potential investors to the “Risk Factors” section of the Company’s Annual Information Form filed on Form 20-F dated February 26, 2025 available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov under Theratechnologies’ public filings for the risks associated with the business. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on Forward-Looking Statements. Forward-Looking Statements reflect current expectations regarding future events and speak only as of the date of this press release and represent our expectations as of that date.
Contacts:
Investor inquiries:
Philippe Dubuc
Senior Vice President and Chief Financial Officer
pdubuc@theratech.com
438-315-6608
Media inquiries:
Julie Schneiderman
Senior Director, Communications & Corporate Affairs
communications@theratech.com
514-336-7800
FAQ
What was Future Pak's initial cash offer to acquire Theratechnologies (THTX)?
Why did Theratechnologies (THTX) reject Future Pak's second acquisition proposal?
What is the 'go shop' provision in Theratechnologies' potential acquisition agreement?
Who are the advisors assisting Theratechnologies' special committee in reviewing acquisition proposals?
